Peninsula Petroleum (PPG), an integrated global bunker supplier, signed a new $200 million receivables finance facility with a syndicate of international trade finance banks. This replaces PPG’s previous ING-led facility. The facility also contains an option to increase overall funding by a further $50 million.

The syndicate is led by RBS Invoice Finance as facility agent and also consists of HSBC, Santander and Societe Generale.

The facility will support PPG’s growth ambitions, allowing it to continue to develop its physical supply and reselling operations globally, investing across the marine fuels value chain.

The new RBS-led facility, in addition to the longstanding $100 million bilateral facility PPG maintains with HSBC Singapore, provides increased liquidity to PPG totaling $300 million.

Andy Pickford, business development director at RBS Invoice Finance, commented, “We are delighted to be supporting John and the rest of the management team at Peninsula. We were immediately impressed with their sector insight, together with their prudent and sustainable growth plans for the business. Our new facility is a perfect fit for these ambitions, and is also future proofed against fluctuating oil price movements.”

John Bassadone, Peninsula Petroleum CEO, commented, “The overwhelming interest in the facility and support received from the international banking community is an endorsement of Peninsula’s controlled and conservative business model and growth strategy. Peninsula’s success is founded on forging solid relationships, not just with our clients and suppliers but also our funding partners. All participants in the facility are long-term partners, who understand and support our strategy of focusing our efforts on adding value to our clients across the entire marine fuels value chain. We look forward to the future with continued confidence.”